Carolina Trust Bank reported earnings results for the third quarter and nine months ended September 30, 2009. The company reported a net loss available to common share holders of $908,000, or $0.52 per diluted share, for the quarter ended September 30, 2009, compared to net income of $4,000 for the quarter ended September 30, 2008. The major factors for the decline in earnings were due to an increase in the provision for loan losses, which amounted to $673,000 compared to $125,000 for the same period in 2008 and an increase in FDIC insurance premiums. Net interest income was $1,238,000 compared to $1,230,000 of previous year period. Loss before taxes was $711,000 against $9,000 for the same period last year. Return on average assets was negative at 1.91% compared to positive 0.01% for the comparable period last year. Return on average equity was negative at 16.72% compared to positive 0.09% of previous year period. For the nine months ended September 30, 2009, net loss available to common share holders was $1,183,000 or $0.67 basic and diluted loss per share compared to net income available to common share holders of $107,000 or $0.06 basic and diluted earnings per share for the same period last year. Net interest income was $3,486,000 compared to $3,680,000 of previous year period. Loss before taxes was $1,006,000 against income before taxes of $123,000 for the same period last year. Return on average assets was negative at 0.79% compared to positive 0.10% for the comparable period last year. Return on average equity was negative at 6.86% compared to positive 0.85% of previous year period.

Carolina Trust Bank announced that Duane K. McCallister and Fred P. Spach, Jr. have been appointed to its board of directors. McCallister and Spach formerly served as directors of Carolina Commerce Bank headquartered in Gastonia, North Carolina. Carolina Commerce Bank was merged into Carolina Trust Bank earlier this month.

Carolina Trust Bank reported unaudited earnings results for the second quarter and six months ended June 30, 2009. The company reported a net loss of $167,000 for the quarter ended June 30, 2009 compared to net profit of $15,000 for the same quarter last year. After adjusting for a preferred stock dividend of $68,000 the net loss attributable to common shareholders in the second quarter of 2009 was $235,000 or $0.13 per basic and diluted share. Income attributable to common shareholders was $15,000 or $0.01 per basic and diluted share for the second quarter of 2008. Loss before taxes was $296,000 against income before taxes of $6,000 for the same period in the last year. Interest income was $2,176,000 and net interest income was $1,151,000 against interest income of $2,259,000 and net interest income of $1,199,000 for the same period in the last year. Net interest income after provision was $893,000 against $1,114,000 for the same period in the last year. Return on average assets was negative 0.39% against return on average assets of 0.04% for the same period in the last year. Return on average equity was negative 3.31% against return on average equity of 0.37% for the same period in the last year. Loss before taxes was $295,000 against income before taxes of $132,000 for the same period in the last year. Interest income was $4,325,000 and net interest income was $2,248,000 against interest income of $4,611,000 and net interest income of $2,450,000 for the same period in the last year. Net interest income after provision was $1,966,000 against $2,281,000 for the same period in the last year. Loss attributable to common shareholders was $275,000 or $0.16 per basic and diluted share against income attributable to common shareholders of $103,000 or $0.06 per basic and diluted share for the same period in the last year. Return on average assets was negative 0.20% against return on average assets of 0.15% for the same period in the last year. Return on average equity was negative 1.72% against return on average equity of 1.24% for the same period in the last year. Net loan charge-offs was $7,000 for the second quarter of 2009 against $33,000 for the same period in the last year.